Core Insights - GSK's fourth-quarter results exceeded expectations, with revenue of £8.6 billion reflecting an 8% increase at constant exchange rates and core EPS rising by 14%, indicating strong performance [3][4] - The company has achieved its medium-term targets a year ahead of schedule, with sales growth and earnings progression aligning with management's projections for 2026 [4] - GSK's long-term revenue ambition of over £40 billion by 2031 was reiterated, showcasing confidence in future growth [4] Financial Performance - Specialty Medicines were a significant growth driver, increasing by 18% in the quarter, primarily due to injectable HIV products and oncology [5] - Vaccines, particularly Shingrix and the RSV vaccine Arexvy, also exceeded forecasts, compensating for a slight decline in General Medicines [5] - Cost control measures, including lower legal expenses and a favorable tax outcome, positively impacted earnings, while increased R&D spending indicates a focus on future investments [6] Guidance Outlook - For 2026, GSK has set a cautious sales growth guidance of 4-6% at constant exchange rates, incorporating a significant foreign exchange headwind [7] - Analysts view this guidance as a low bar, with consensus expectations already near the upper limit of the range, suggesting that GSK's performance could surpass these projections [8]